Ann: Im on an all meat diet. Ben: my stomach is so sensitive that i cant eat two

Question

Ann: Im on an all meat diet.

Ben: my stomach is so sensitive that i cant eat two different types of food; however, I am indifferent as for what particular food i eat.

Chris: I'm a vegan and can't stand meat.

Danny: The only thing I can eat is steak apple pies made with a proportion of apples that is twice as much as that of steaks.

What utility functions best represent Ann, Ben Chris and Danny? a= apples. S = steaks.

i. u(a,s) = a + s

ii. u(a,s)=max{a,s}

iii. u(a,s) = a

iv. u(a,s) = min{a,s}

v. u(a,s) = 2a-s

vi. u(a,s)=s

vii. u(a,s)=min{.5a,s}

Explanation / Answer

Ann: all meal diet: u(a,s) = a + s

Ben: chose only one type of food: u(a,s) = max{a,s}

Chris: can’t eat meat: u(a,s) = a

Danny: can eat is steak apple pies made with a proportion of apples that is twice as much as that of steaks: u(a,s) = min{.5a,s} or, u(a,s) = min{.a,2s}

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